Sarasin scraps family office initiative
Bank Sarasin today pulled out of its Bahrain-based family office and wealth management joint venture with the El-Khereiji Group, a Middle East conglomerate.
A spokesman for the bank said: "The joint venture in Bahrain has not developed as Bank Sarasin had expected. Sarasin has therefore decided to discontinue this business case. An amicable agreement has been reached with the joint venture partner."
Christian Maurer, appointed chief executive of the Bahrain joint venture, is no longer working for the bank, said the spokesman.
Sarasin already has a big presence in the Middle East through its subsidiary Bank Sarasin-Alpen.
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